The continued free-fall in the price of oil sent stocks into a downward spiral today. A 3% decline in energy issues led to to losses across the board-the 4th down day of 5 this week. The Dow fell over 309 points, while the NASDAQ dipped below 5,000. Oil closed down $1.14 or just over 3% at $35.62 a barrel. There was speculation that today’s drop may cause the Fed to question whether to raise interest rates next week.
Bill Stone, chief investment strategist at PNC Asset Management said:
“The precipitous decline in oil may be something (the Fed) pauses on but I suspect they say it’s something that will pass.”
Art Cashin, the director of floor operations for UBS at the NYSE told CNBC’s “Squawk Alley” today that- “We could be in trouble.”
Here are the final numbers from Friday, 12/11/15 on Wall Street:
Dow Jones Industrial Average: 17,265.21 (-309.54/ -1.76%)
NASDAQ: 4,933.46 (-111.71/ -2.21%)
S&P 500: 2,012.37 (-39.86 / -1.94%)